For all of you that are "holding out"...NOW is the time. We have more homes for sale right now than we have ever had and in order to keep a balanced, healthy market we need to get through our inventory. If you've been kicking around the idea of buying a bigger home, now is an excellent time to buy up! We have 13 months worth of inventory on homes $300,000+. Now this does not mean that if you are selling a home over $300K that you can expect it to take 13 months. The number of homes for sale divided by the number of homes selling per month = the number of months of inventory. NW and SE Boise are selling the quickest with 3 months of inventory.
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Inventory increased by another 145 units crossing the 5,000 mark for an all time record high! This is why the market feels the way it does, it is simply supply and demand.
Average Cost of a home sold this month - $281,869 (last month, $287,163). This is 1% higher than last year for this month.
Resale inventory - 3393 up from 3196 last month. Last year at this time there were 1964 homes for sale in the resale market. 07/05 was the low point in resale inventory at 657.
New Construction inventory - 1650 down slightly from 1702 last month. Last year at this time there were 1589 new homes for sale. 09/05 was the low at 666.
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